Committee approves recommendation to advance treasury cash-management contract increase and schedules follow-ups on oversight funding, ARPA interest and foreclo

The Detroit City Council Budget, Finance and Audit Standing Committee on a virtual meeting on March 27 forwarded an amendment to the Treasury Cash Management Systems contract for formal approval and scheduled follow-up reviews for several pending fiscal items, including a resolution on a proportional funding formula for oversight agencies and a proposed one-year moratorium on owner-occupied foreclosures.

The committee sent to formal recommendation Amendment 2 for contract number 6003575-82, a renewal option with a contract increase of $113,210 that brings the total contract amount to $305,096 and extends the contract through May 31, 2027. Nikhil Patel, deputy CFO treasurer, said the software supports the city’s cash-position reporting and projections and that the increase largely reflects inflation and ongoing hosting and maintenance costs. “What the software is actually for is our cash management software,” Patel said. He described two pieces of software in use — “G Treasury” and “Sysimpro” — and said the contract includes flexibility to drop the GE Treasury piece once the city's Oracle enterprise resource planning (ERP) implementation can supply…